GBP/USD Signals Update
Yesterday’s signals were not triggered as the bullish price action occurred below the key level of 1.4241.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Go long if the price at 9am London time is above 1.4241.
* Put the stop loss at 1.4199.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4087.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.4310.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4350.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
As London opens this morning the support at 1.4200 seems to be holding nicely and if the bullish bounce up continues over the first hour of the London session, a long trade could be a good idea provided the price is above the previous anticipated level of support at 1.4241.A push up may well run out of steam at the long-term bearish trend line that has held for about 6 weeks now, or the strong resistance at 1.4350.
Concerning the GBP, the Governor of the Bank of England will be speaking at 10:45am. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.